Technology Credit Union
- Assets
- $4.1b
- Revenue
- $173.2m
- Investments
- $0.0
- Employees
- 351
- Location
- San Jose, CA
- Founding
- 09/1961
- Data as of
- 12/2021
- EIN
- 94-1651781
Organization Overview
Technology Credit Union is located in San Jose, CA. The organization was established in 1961. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2021, Technology Credit Union employed 351 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Technology Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.
For the year ending 12/2021, Technology Credit Union generated $173.2m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 15.2% each year . All expenses for the organization totaled $94.4m during the year ending 12/2021. While expenses have increased by 9.7% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DURING 2021 TECHNOLOGY CREDIT UNION HAD 155,807 MEMBERS WITH 430 MEMBER COMPANIES. TO ENHANCE MEMBERS' EASY ACCESS ANYWHERE AND ANYTIME AT NO COST TO THE MEMBERS, TECH CU PROVIDES ONLINE BANKING SERVICES. SOME OF THE FEATURES ARE THE ABILITY TO VIEW ACCOUNT BALANCES, VIEW OR DOWNLOAD ACCOUNT HISTORY, VIEW IMAGES OF CLEARED CHECKS AND VIEW PENDING TRANSACTIONS. ALSO, MEMBERS HAVE THE PRIVILEGE TO MAKE OR SCHEDULE PAYMENTS FOR TRANSFER BETWEEN TECH CU ACCOUNTS OR OTHER FINANCIAL INSTITUTIONS. MEMBERS CAN ALSO PAY THEIR BILLS USING THE TECH CU BILL PAY ONLINE. THE ONLINE BANKING SERVICES ENABLE MEMBERS TO MANAGE THEIR ACCOUNT(S) CONVENIENTLY FROM RECEIVING EMAIL ALERTS ON THE ACCOUNT ACTIVITY TO PLACING A STOP PAYMENT ON AN OUTGOING CHECK. MEMBERS CAN UPDATE THEIR PROFILE AND GAIN ACCESS TO A SECURED EMAIL. TECH CU ONLINE BANKING USES THE MOST ADVANCED ENCRYPTION STANDARDS TO PROTECT ACCOUNTS AND TO CONDUCT FINANCIAL BUSINESS. THE INNOVATIVE LOGIN SECURITY SYSTEM ENSURES PERSONAL ACCESS AND SECURITY OF ACCOUNT INFORMATION.
TECHNOLOGY CREDIT UNION PROVIDES ATM (AUTOMATED TELLER MACHINE) SERVICES TO MEMBERS. MEMBERS CAN ACCESS THEIR BANK ACCOUNT IN ORDER TO MAKE CASH WITHDRAWALS (OR CREDIT CARD CASH ADVANCES) AND CHECK ACCOUNT BALANCES CONVENIENTLY IN A PUBLIC SPACE WITHOUT THE NEED FOR A HUMAN CLERK OR BANK TELLER.
TECHNOLOGY CREDIT UNION PRIVATE BANKING IS A PERSONALIZED SERVICE PROGRAM DESIGNED SPECIFICALLY FOR THEIR MOST FINANCIALLY SUCCESSFUL MEMBERS. PRIVATE BANKING MEMBERS ARE ASSIGNED TO A PRIVATE BANKING MANAGER, AN EXPERIENCED CREDIT UNION PROFESSIONAL, WHO SERVES AS PERSONAL RESOURCE AND POINT OF CONTACT FOR ALL THEIR FINANCIAL SERVICES NEEDS. THE PRIVATE BANKING MANAGERS PROVIDE PERSONAL, RESPONSIVE, PROFESSIONAL, AND FRIENDLY SERVICE WHILE ENSURING THE SECURITY AND CONFIDENTIALITY OF EVERY FINANCIAL TRANSACTION. THEY ALSO ACT AS LIAISONS, CONNECTING THEIR MEMBERS WITH THE BEST FINANCIAL EXPERTS IN INVESTING, REAL ESTATE LENDING AND CONSUMER LENDING. IN ADDITION, PRIVATE BANKING MEMBERS ARE ENTITLED TO A WEALTH OF BENEFITS INCLUDING ESTATE PLANNING AND TRUST SERVICES AT A SPECIALLY DISCOUNTED RATE, TAX PLANNING AND PREPARATION, LOAN RATE DISCOUNTS AND PRIORITY PROCESSING OF ALL LOANS, SPECIAL PRIVATE BANKING SEMINARS AND EVENTS, EXCLUSIVE PRIVATE BANKING NEWSLETTER, AND PREFERRED RATE MEMBERSHIP TO THE SILICON VALLEY CAPITAL CLUB. TECHNOLOGY CREDIT UNION HAS ALSO MOVED FROM CETERA TO LPL FINANCIAL SERVICES TO PROVIDE BETTER INVESTMENT OPTIONS FOR ITS MEMBERS.
TECHNOLOGY CREDIT UNION OFFERS BUSINESS MEMBERS A WIDE RANGE OF PRODUCTS (SUCH AS BUSINESS SAVINGS ACCOUNT, BUSINESS MONEY MARKET ACCOUNTS, BUSINESS MONEY MARKET PLUS ACCOUNT, BUSINESS BASIC CHECKING, BUSINESS INTEREST CHECKING, BUSINESS CERTIFICATES, BUSINESS CHECK CARDS, BUSINESS AUTO LOAN, BUSINESS LINE OF CREDIT, BUSINESS CREDIT CARD - FIRST NATIONAL BANK OF OMAHA, AND SBA LOANS) AND TOOLS NEEDED TO MANAGE BUSINESS TRANSACTIONS AND ACHIEVE THEIR BUSINESS FINANCIAL GOALS.IN ADDITION, TECH CU PROVIDES INVESTMENT SERVICES TO MEMBERS WITH PRODUCTS SUCH AS SECURITIES, BONDS, INSURANCE, IRA, 527 PLANS, AND MORE. THERE IS ALSO THE RELATIONSHIP REWARDS PROGRAM THAT REWARDS MEMBERS FOR DOING BUSINESS WITH TECH CU.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Todd Harris Ceo, Secretary/treasurer | OfficerTrustee | 40 | $937,558 |
Jeannine M Jacobsen Evp, Chief Operating Offic | Officer | 40 | $480,440 |
Robert Reed Evp, Chief Retail Banking | Officer | 40 | $437,523 |
Richard Hanz Evp, Chief Financial Offic | Officer | 40 | $436,253 |
Hermelinda Negrete Senior Mortgage Originator | 40 | $416,374 | |
Joseph Anzalone Evp, Chief Commercial Bank | Officer | 40 | $414,326 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Nativo Plus Computer Software | 12/30/21 | $974,480 |
Sunlight Financial Llc Sunlight Monitoring Fee | 12/30/21 | $2,215,474 |
Crowe Llp Audit Services | 12/30/21 | $250,988 |
Lpl Financial Llc Commission | 12/30/21 | $192,960 |
Joseph & Cohen Professional Services Legal Services | 12/30/21 | $186,611 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $163,317,097 |
| Investment income | $9,580,079 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$10,838 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $173,209,130 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $28,882 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $6,213,800 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $27,523,038 |
| Pension plan accruals and contributions | $1,594,964 |
| Other employee benefits | $3,286,216 |
| Payroll taxes | $2,302,282 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $517,909 |
| Fees for services: Accounting | $366,894 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $6,525,392 |
| Advertising and promotion | $2,521,227 |
| Office expenses | $2,549,695 |
| Information technology | $7,465,103 |
| Royalties | $0 |
| Occupancy | $3,135,267 |
| Travel | $141,686 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $16,674,009 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,408,213 |
| Insurance | $152,241 |
| All other expenses | $10,412 |
| Total functional expenses | $94,424,660 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $10,330,357 |
| Savings and temporary cash investments | $289,646,581 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $2,068,139 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $126,232 |
| Net Land, buildings, and equipment | $20,838,887 |
| Investments—publicly traded securities | $836,469,830 |
| Investments—other securities | $0 |
| Investments—program-related | $2,947,179,834 |
| Intangible assets | $0 |
| Other assets | $16,499,063 |
| Total assets | $4,123,158,923 |
| Accounts payable and accrued expenses | $25,438,266 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $3,670,481,590 |
| Total liabilities | $3,695,919,856 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $427,239,067 |
| Total liabilities and net assets/fund balances | $4,123,158,923 |
Grants Awarded
Over the last fiscal year, Technology Credit Union has awarded $37,500 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
AFRICAN AMERICAN COMMUNITY SERVICE AGENCY PURPOSE: TO PROMOTE FULL PARTICIPATION OF AFRICAN AMERICANS AND ALL OF SANTA CLARA COUNTY IN THE GENERAL SOCIETY. | $10,000 |
San Jose, CA PURPOSE: TO ENSURE THAT ANYONE WHO NEEDS A HEALTHY MEAL CAN GET ONE. | $10,000 |
San Jose, CA PURPOSE: TO IMPROVE EXISTING SERVICES, PIONEER NEW MODELS OF CARE, AND ADVANCE THE CAUSE OF HIGH QUALITY HEALTHCARE FOR ALL. | $10,000 |
Mountain View, CA PURPOSE: PROVIDE SUPPORT TO END HOMELESSNESS IN SANTA CLARA COUNTY | $7,500 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Technology Credit Union has recieved totaling $6,000.
| Awarding Organization | Amount |
|---|---|
American Federation Of Labor & Congress Of Industrial Orgs San Jose, CA PURPOSE: CONTRIBUTION | $6,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
The Golden 1 Credit Union Sacramento, CA | $18,331,687,285 | $525,382,897 |
Patelco Credit Union Dublin, CA | $9,047,982,000 | $276,202,116 |
Onpoint Community Credit Union Portland, OR | $9,040,369,064 | $300,691,175 |
San Diego County Credit Union San Diego, CA | $10,817,931,463 | $305,241,036 |
Credit Unions In The State Of California Pasadena, CA | $5,170,841,754 | $207,665,347 |
Credit Unions In The State Of California Santa Rosa, CA | $7,428,683,362 | $248,972,690 |
Travis Credit Union Vacaville, CA | $4,695,813,134 | $194,928,518 |
Safe Credit Union Folsom, CA | $4,443,372,826 | $162,136,670 |
California Credit Union Glendale, CA | $4,290,889,688 | $164,391,792 |
Credit Unions In The State Of California Sunnyvale, CA | $11,067,829,708 | $197,844,755 |
Educational Employees Credit Union Fresno, CA | $4,681,848,243 | $140,033,802 |
Oregon Community Credit Union Eugene, OR | $2,826,121,126 | $182,242,816 |